State Government introduces legislation for Victorian Renewable Energy Targets

THE Victorian Government last week announced the introduction of proposed legislation for Victorian Renewable Energy Targets (VRET), which includes new renewable energy targets for Victoria of 25 per cent by 2020 and 40 per cent by 2025.

According to the government, the VRET will cut the average cost of power for Victorians by around $30 a year for households, $2,500 a year for medium businesses and $140,000 a year for large companies, while driving a 16 per cent reduction in Victoria's electricity sector greenhouse gas emissions by 2034-35.

Above: Wind farm in Victoria / by Indigo Skies Photography.

The competitive VRET auction for up to 650 megawatts (MW) of renewable energy capacity is expected to provide enough electricity to power 389,000 households – or enough energy to power Geelong, Ballarat, Bendigo and the Latrobe Valley combined.

Premier Daniel Andrews said more renewable energy means more jobs for Victorians, with the first auction expected to bring forward up to $1.3 billion of investment and create 1,250 construction jobs over two years and 90 ongoing jobs.